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post #11 of 16 Old 03-06-2011
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Quote:
Originally Posted by BarryL View Post
I didn't bother with a buyers broker but just used the seller's broker. IMHO, don't bother trying to buy a boat from a bad broker, too much heart ache. Deal with a good broker (you'll be able to tell the difference after you meet with a few brokers) and you will be happy.
Speaking as a former broker, that experience is pretty typical. We did it ourselves when we bought our boat in 2009. Further, while a listing broker may be happy to work a broker from his/her own company, in BC they have been reluctant to work with brokers from competing companies. My experience as both a broker and then a buyer is that working with just the selling broker keeps things straightforward.

I don't mind trusting that broker because as a buyer, I am going to get a surveyor that I trust. My advice for selecting both a broker and a surveyor is to get references from people who you respect and trust.

Finally, you can help the broker find you the right boat by telling him/her:
  • What type of sailing you will be doing - i.e.day sailing, racing or cruising.
  • How many people will typically be on the boat.
  • What kind of budget you are working with - this may seem like giving too much info, but if you follow my earlier advice, you will have been referred. It can speed up the search by eliminating boats that you don't want or can't afford.
Good luck with your search.

Mark

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post #12 of 16 Old 03-07-2011
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If you are able to do a private mesage to me - I will tell you with whom I bought a boat in 2008. I highly recommend him. He may have been paid by the seller - but he sure worked hard for me!

Also - telling us if you are looking at a Swan 52 or a Tanzer 22 would give us a few hints.

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Last edited by rikhall; 03-07-2011 at 05:42 PM. Reason: typo
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post #13 of 16 Old 03-07-2011
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Hey Rik, too often we complain about the badd apples in the industry so if you found a good broker why not give him a plug by naming him.

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post #14 of 16 Old 03-07-2011
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On our last boat purchase every broker that had a boat listed that I was interested in turned out to be a real A**H***! (Can you say Kemah?) I finally enlisted the help of a broker I had worked with in the past to represent me. We got exactly the boat we wanted and with his help managed to get the price down by almost 20%!
A buyers broker doesn't have anything invested in advertising the boat or anything else. He won't make money unless you are happy! It's great motivation to do a good job. I arranged in advance to "tip" my broker 10% of the money he helped us get taken off the listing price. He not only split commission with the listing broker but got a very nice tip from me... The 10% bonus off the listing price was a great motivator for him to work at negotiating the price for us.....

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post #15 of 16 Old 03-07-2011
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some thoughts on buyers' brokers

Quote:
Originally Posted by NCountry View Post
[...] He won't make money unless you are happy! It's great motivation to do a good job. [...]
I have limited experience (having purchased one boat only, so far), alas I'd like to propose some parallels with the real estate industry, that may be applicable here:

1. a broker - any broker - makes money only when a deal is closed. No deal - no money. Any deal is better than no deal.

2. a broker gets X% of the total deal value. Absent some custom 'tipping' arrangement, what exactly is a broker's motivation to try hard to depress the value of a deal (= lower the price), possibly risking the deal falling apart?

3. Time is money. Ten deals per month are better than two deals per month. Higher-value deals are better than lower-value deals. For a sales professional optimizing revenue, what exactly is the motivation to chase your perfect boat over potentially many months, over a 'just good enough' boat quickly?

(#1 - #3 above combine to drive deal volume/time over buyer's quality/value)

4. If the boat market has any similarity to real estate, the listing (seller's) broker has little interest to work with a buyer's broker. Much better to work with a buyer directly, and avoid having to split the commission in half. (read: listing brokers will likely be more responsive to a buyer than to a buyer's broker).

5. A seller's broker is also motivated to 'close the deal' quickly, if possible, so s/he may be open to answer good questions and give you more background (within reason, of course), in the interest of driving the deal. I don't see why a broker-to-broker conversation would be vastly superior to a knowledgeable future owner armed with thorough research and tough questions? It's the buyer's money, after all ...

6. Unless one is looking for a boat in the <$10k price range, the vast majority of yachts will be listed online. It's simple, and buyers can use it without going through brokers. With only a little work on one's laptop, one can quickly narrow the search down to a single digit number of targets.

And, finally ...

7. For most of us, there likely is no 'perfect boat' in the used boat market ... buying a boat is an emotional decision, with some level of (usually rather biased?) due diligence. What is the value of a 87% perfect boat right now, versus a 92% perfect boat next year?

8. Beyond the 'motivation' discussion above, people are people, and there will be all sorts of brokers ... some who love helping people, some who love boats, and others who just love the greenbacks ... Caveat emptor!
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post #16 of 16 Old 03-07-2011
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Quote:
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Hey Rik, too often we complain about the bad apples in the industry so if you found a good broker why not give him a plug by naming him.
I was very pleased working with Greg of Grab Bag Sailboats in Edgewater MD. He was my broker and became our friend.

Rik

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